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New guidelines adopted by the Lithuanian Securities Commission

12.12.2008

On 2 October 2008, the Lithuanian Securities Commission approved guidelines for companies providing investment and/or supplementary services concerning incentive measures and related obligations of the company. The guidelines prescribe what information must be revealed by the aforementioned companies to clients who are non-professionals. In addition, the guidelines also provide for the conditions which must be met by any type of fee, commission or any non-monetary benefit in order for the activities of the company providing investment or supplementary services to be considered honest and professional.

On 2 October 2008, the Lithuanian Securities Commission also approved guidelines for companies providing investment and/or supplementary services or conducting investment activities concerning their obligations in performing the client´s orders. The guidelines define what is the scope of application of the obligation to perform the client´s orders under conditions that are best to the client. The guidelines also provide for the obligation of financial brokerage companies performing orders at the client´s expense, managing the client´s portfolios of financial instruments and accepting and transmitting orders concerning financial instruments to formulate a policy of performance of orders and to comply with it.

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